Wacker enters battery business with acquisition of 25% stake in Nexeon
Sep 13, 2019 01:10 PM ET
- The Munich-based chemical company has taken a substantial minority share in the British materials specialist to expand its silicon-based high-performance battery activity. The value of the transaction was not disclosed.
Wacker Chemie AG intends to expand its R&D activity in silicon-based materials for high-performance batteries and has acquired a 25% stake in British specialist Nexeon Ltd.
Wacker announced the investment without revealing the value of the transaction.
Nexeon designs, manufactures and sells anode materials which enhance the performance of lithium-ion batteries. Wacker has been active in the field since 2010 and worked with Nexeon in 2013.
The new agreement is about strengthening Wacker’s activity in the niche, according to CEO Christian Hartel. “On the one hand this allows us to focus and develop our own successful research work in this field,” said the chief executive. “On the other hand, with this investment we are strengthening our previous co-operation with Nexeon in the development of complementary material concepts.”
Nexeon hopes to see further development and commercialization of materials with Wacker’s support, the British company’s chief executive Scott Brown said.
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